Canonic Security, a cybersecurity startup protecting SaaS business applications, emerges today from stealth with $6 million in seed funding from leading global investors including First Round Capital, Elron Ventures, SV Angel and Operator Partners.
The company also unveiled the Canonic App Governance platform, powered by what it calls “the industry’s first app sandbox.”
The platform redefines SaaS application security by allowing enterprises to simulate third-party apps and SaaS-native code behavior in its SaaS sandbox environment before granting access to organizations’ business applications.
The investment accelerates the product’s go-to-market and development initiatives, which are already in full-force with more than 20 deployments worldwide.
Canonic Security is led by cybersecurity industry veterans CEO Boris Gorin and CTO Niv Steingarten. Prior to Canonic Security, Gorin led a large-scale SaaS threat detection operation from idea to adoption by thousands of enterprises at Proofpoint.
Steingarten joined Canonic Security from OverOps, where he was co-founder and vice president of engineering, leading the design and development of one of the industry’s first Application Performance Analysis solutions.
Canonic employs more than 30 professionals with many cyber researchers and engineers coming from leading security companies like PerimeterX, Sygnia and Proofpoint.
A recent Gartner survey of over 2,000 CIOs reveals the need for enterprises to embrace business composability in 2022.
“Business composability is the mindset, technologies, and set of operating capabilities that enable organizations to innovate and adapt quickly to changing business needs. Business composability is an antidote to volatility,” said Monika Sinha, research vice president at Gartner. “Sixty-three percent of CIOs at organizations with high composability reported superior business performance compared with peers or competitors in the past year.”
However, highly composable environments by design integrate business application components from third parties and citizen developers without ever requiring standardized vendor controls, further expanding the attack surface.
Canonic automatically maps business applications’ interconnectivity, uncovering harmful, vulnerable or overprivileged apps and integrations to reduce the risks involved with third-party API access.
“The SaaS ecosystem continues to grow, as organizations increasingly benefit from ease of access and interconnection. However, legacy CASB and SSPM technologies fail to adequately protect mission critical business applications,” Gorin said. “We’re excited to launch Canonic Security out of stealth and unveil the industry’s first SaaS security platform to address SaaS-native threats.”
The Canonic App Governance platform has sandboxed tens of thousands of apps, protecting hundreds of thousands of users across several industries including leading health care, defense and software organizations.
To get started, visit www.canonic.security
